FT.com Finds Verity Key to Success for New Subscription-based Services
Enhanced by Effectiveness of Verity K2 Catalog Software
SUNNYVALE, Calif. - 2002-11-12 - The successful shift from free to subscription-based online service made recently by FT.com, the Web presence of The Financial Times, will be substantially aided by the implementation of Verity K2 Catalog, it was announced today. Verity K2 Catalog is advanced search and classification software attuned to the demands of e-commerce environments developed by Verity, Inc (NASDAQ: VRTY), a leading provider of infrastructure software powering corporate intranets and e-commerce sites as well as e-business applications.
Verity K2 Catalog will provide search functionality across the entire FT.com site, including its global news archive and financial markets information. In addition, the software will be used to build easily navigated taxonomies of content. Verity's advanced search functions, including parametric selection (which allows for drill downs by parameter categories) and adaptive ranking (a feature that places the most pertinent results at the top of a search results list based on the user's pattern of searches and the type of query) will enhance FT.com subscribers' ability to quickly and easily find the most relevant information. The scalable Verity K2 architecture will be a core component of the new technology platform that underpins FT.com's subscription services.
According to Ian Cohen, IT director, The Financial Times, "The effective and innovative use of technology plays a huge part in helping us to maintain FT.com's position as the leading online provider of business news, analysis, tools and data. This has been clearly evidenced through the take-up and success of the new FT.com subscription-based services. A key facility within this offering will be our Verity K2 Catalog-based ‘Power Search' tool which will enable users to find the information they require in the most timely and efficient way possible."
The majority of FT.com, including the latest news and data, remains free. Subscriptions provide access to some of FT.com's most valuable services, including a preview of key pages of the Financial Times newspaper the night before publication, in-depth information on 18,000 publicly listed companies, and the "Power Search" tool.
"The Financial Times has a reputation for producing the highest quality of news and financial information," said Anthony J. Bettencourt, president, Verity, Inc. "FT.com subscribers expect to have the information they want at their finger tips in the fastest and simplest way possible. With Verity K2 Catalog, FT.com will offer its users the best possible method for navigation and information retrieval with the promise of adding other Verity K2 functionalities such as content organization and personalization."
Figures from a recent ABC audit show FT.com attracts approximately 55 million page views and 2.7 million unique visitors each month. The search functionality on FT.com represents about 15 percent of the total site traffic. The effectiveness of the Verity-enabled search function is expected to have a positive impact on the perceived value of subscription-based services found on the FT.com site. Some 46 percent of FT.com's users are based in the United Kingdom, with 25 percent in the United States, 15 percent in Continental Europe, 8 percent in Asia Pacific and 6 percent from the rest of the world.
About The Financial Times Group
The Financial Times Group, a unit of Pearson plc, an international media company, is one of the world's leading business information companies that aims to provide a broad range of business information, analysis and services to a growing audience of internationally minded business people. The Financial Times newspaper is printed in 18 cities around the world and has one of the world's fastest growing international readerships. FT.com, the newspaper's Internet partner, combines agenda-setting editorial with relevant financial data and discussion groups, as well as a broad range of business tools including the largest search function on the Internet. FT Investor, part of FT.com, provides free, fast, incisive, real-time financial and market news to Europe's rapidly growing community of private investors.
About Verity
Headquartered in Sunnyvale, Calif., Verity is a leading provider of business portal infrastructure software. Verity software gives businesses a multitude of ways to improve access to vital information and perform a range of e-business operations, while enhancing the end-user experience. Verity-powered business portals, which include corporate intranets used for sharing information within an enterprise; e-commerce sites for online selling; and market exchange portals for B2B activities, all provide personalized information to employees, partners, customers and suppliers.
Verity products are used by approximately 80 percent of the Fortune 50 and by more than 1,500 corporations in various markets. Customers include Adobe Systems, AT&T, Cap Gemini Ernst & Young, Cisco, CNET, Compaq, Dow Jones, EDGAR Online, FairMarket, Financial Times, Globe and Mail, Home Depot, Lotus, SAP, Siemens, Sybase, Time New Media and Timex.
This press release contains forward-looking statements relating to Verity and the expected performance of its software in the FT.com Web site. Actual results are subject to risks and uncertainties including the risk that integration of the Verity software into the FT.com Web site will be delayed or not occur, or not perform as anticipated, as a result of unforeseen technical difficulties. Risks relating to Verity and its products are set forth under the caption "Risk Factors" in its latest 10-K filed with the United States Securities and Exchange Commission.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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